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to be emphasized, especially in view of your comments. this package is vital for future deficit-reduction efforts. setting the stage for a balanced approach from here on out. delaying sequestration. yesterday, president obama again said he is committed to deficit reduction. but he emphasized several times, and i " "we have got to do this in a balanced, responsible way, with additional revenue as well as spending cuts." so i urge its passage. this bill sets the important precedent i mentioned in terms of additional revenues as well as spending cuts. the time is urgent. the time is now. we should support this legislation. i reserve the balance about time. >> the gentleman's time is reserved. gentleman from michigan, mr. camp. >> i yield three minutes to the distinguished chairman of the oversight committee, the gentleman from california, mr. issa. >> the gentleman is recognized for 3 minutes. >> mr. speaker, i would like to be speaking for this bill, but i cannot. in the 12 years, almost to the day, that i have served with in this body, i have voted for every tax cut, every tax cut. i remember many
might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael duffy, and also "time" columnist joe klein. and we'll hear from major garrett and nancy cordes. >> you going to get a deal today, sir? >> hope so. >> o'donnell: it's all ahead because this is "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. substituting for bob schieffer, cohost of "cbs this morning," norah o'donnell. >> o'donnell: good morning, again. tom coburn and dick durbin are here, and we'll turn to both of you in just a moment. but we want to start with some new information from chief white house correspondent major garrett and congressional correspondent
consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate economies by means of common currency. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily
briefing room to tout a big victory -- >> tonight's agreement further reduces the deficit raising $620 billion in revenue. from the wealthiest households in america. >> president obama was at it again today. with a campaign style video sent out on obama-biden letterhead. even though the nonpartisan congressional budget office says the fiscal cliff deal will add $4 trillion to the national debt over the next ten years. >> any agreement we reach this week will redouse the deficit even more. asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades. >> comparing this deal to a scenario where all the tax cuts expire. >> the failure to step up and do a big thing, he could have brought leadership to the table. he didn't. now he wants to talk about cutting, spending. it's a joke. >> the president notes he tried to get a big deal with speaker john boehner. that would have had 1.2 trillion in cuts. the republican walked away. though the explosive debate over raising the debt ceiling in the weeks ahead gives boehner a company a new opportunity to change the sour
and a broader effort for everybody. the fact is, the deficit is still too high. we're still investing too little in the things we need for the economy to grow as fast as it should. that is what speaker boehner and i originally tried to negotiate a larger agreement that would put this country on a path while putting americans back to work, rebuilding roads and bridges and providing investments in areas like education and job- training. unfortunately, there was just not enough support or time for that kind of large agreement in a lame-duck session of congress. that failure comes with a cost. the process has made business more uncertain and consumers less confident. but we are continuing to chip away at this problem, step by step. last year, i signed into law $1.70 trillion in deficit reduction. tonight's agreement further reduces the deficit are raising $640 billion in revenue from the wealthiest households in america. there will be more deficit reduction as congress decides to do -- what to do with the automatic spending cuts. i want to make this point. as i have demonstrated, i am very open to c
in place as long as i'm president rid the deficit needs to be produced in a way that is balanced. everyone pays their fair share. everyone does their part. that is our economy works best. >> after much drama, the so- called fiscal cliff has been averted for now. we will look at what is in the senate approved by the house late last night. we will speak with economist juliet schor. after years of extreme weather, will 2013 be year zero in the battle over climate change? >> we're closer now them have ever been to what we need to do. i think we peeled away the layers of the onion and have gotten to the heart of things. as of tonight, we're going after the fossil fuel industries. [applause] >> will host a discussion between bill mckibben, founder of 350.org, and journalist christian parenti. he is author of "tropic of chaos: climate change and the new geography of violence." >> if the government allowed the epa to do what it must do, raise the price of burning fossil fuels, that would help direct private money into renewable energy, help put people back to work. in the face of this crisis, we h
this is a compromise on a tax portion. we're going to be all here again dealing with the issues of deficit and debt with that debt ceiling. this is kicking the can. it's a patch that should leave most folks on the center right. the fact the republicans have voted 2-1 against them speaks to the challenges to governing in the house. >> what's the explanation for that? this has now cost american real money. if republicans wanted to deal with this properly, why didn't we do it in the first 3517 days? >> i think there was a lot of resistance from both side. you had nancy pelosi and chuck schumer calling for a million dollars threshold in 2011 because both party have a lot of fizziers in terms of affluent voters versus less affluent voters. the republicans are ideologically committed to entitlement reform but many of their voters are very skeptical about entitlement reform the democrats, on the other hand, have a very effective message about tax fairness. whether or not that's a substantively idea is another matter. it resonates with our bases are whereas don't have a message on spending that resonates w
of deficit and debt with that debt ceiling. this is kicking the can. it's a patch that should leave most folks on the center right. the fact the republicans have voted 2-1 against them speaks to the challenges to governing in the house. >> what's the explanation for that? this has now cost american real money. if republicans wanted to deal with this properly, why didn't we do it in the first 517 days? >> i think there was a lot of resistance from both side. you had nancy pelosi and chuck schumer calling for a million dollars threshold in 2011 because both party have a lot of fizziers in terms of affluent voters versus less affluent voters. the republicans are ideologically committed to entitlement reform but many of their voters are very skeptical about entitlement reform the democrats, on the other hand, have a very effective message about tax fairness. whether or not that's a substantively idea is another matter. it resonates with our bases are whereas don't have a message on spending that resonates with their base. that's a big challenge for republicans going forward. >> the challenge
spending cuts better known as the sequester. on deficit and debt, the deal is more of a punt, but just averting the cliff has sent the markets soaring with the dow already up over 200 points. while it's no grand bargain, the bill does not tackle spending, by the way, don't miss the significance of this vote. republicans by an overwhelming majority in the senate and minority in the house voted to race taxes for the first time in two decades. just before 11:00 p.m., grover norquist tried to keep his infamous pledge from going obsolete, tweeting "the bush tax cuts lapsed at midnight last night. every "r" voting for senate bill is cutting taxes and keeping his or her pledge." sorry, grover, the impact of the bill is absolutely a tax hike. supporting it was not unanimous, all but five republicans and three democrats in the senate voted for it, but it was much closer in the house. 151 republicans, more than half of the gop members, voted no, including majority leader eric cantor and republican whip kevin mccarthy. at the end of the day, enough lawmakers across the aisle agreed to the deal, b
strongly for the simpson-bowles framework for deficit reduction, and yet here we are no closer to a sensible decision on how to bring our $1.1 trillion budget deficit and our $16.1 trillion public debt under control. well, guess what? time's up. no more games, no more excuses, no more ceking the can down the road. we have to act and we have to act in a way that puts our fiscal house in order, reassures the financial markets and puts the people ahead of politics, and we have to deal with these tax increases and spending cuts in a humane and tolerable way. the calm act does all of that. look what happens to people in need if we go over the cliff and just do nothing. on new year's day, the lowest income tax rate will jump from 10% back to the clinton-era rate of 15%. that's a pretty big financial bite for people in west virginia and i know in ohio, too, sir. these are people that are struggling right now. instead of an overnight tax hike of 5%, the calm act smooths the transition by phasing in increases over three years. so instead of a 5% increase, the 10% bracket would only go t
% of small businesses, but if we're serious about deficit reduction, we should make sure that the wealthier are paying a little bit more and combine that with spending cuts to reduce our deficit and put our economy on a long-term trajectory of growth. we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership, and i suggested to them if they can't do a comprehensive package of smart deficit reduction, let's, at minimum, make sure that people's taxes don't go up and that 2 million people don't lose their unemployment insurance. and i was modestly optimistic yesterday, but we don't yet see an agreement. and now the pressure's on congress to produce. if they don't, what i've said is that in the senate, we should go ahead and introduce legislation that would make sure middle-class taxes stay where they are, and there should be an up-or-down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. but i actually think that
. but if we're serious about deficit reduction, we should make sure that the wealthier are paying a little bit more and combine that with spending cuts to reduce the deficit and put our economy on a long-term trajectory of growth. you know, we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership, and i suggested to them if they can't do a comprehensive package of smart deficit reduction, let's at minimum make sure that people's taxes don't go up and that 2 million people don't lose their unemployment insurance. and i was modestly optimistic yesterday. but we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate, we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. you know, if republicans don't like it, they can vote no. but i actually think that ther
with jim. the most deficit reduction is gog toome from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as some sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a fisca bunny hill, let's slide down it. >> if we slide down, jonas, in the first week, people are going to open up the paycheck and see less money there. i don't think that people understandhat at this point. >> people get used to tax cs, that's the problem. shoort-term expiring tax cuts, including the payroll tax cut. you know, it's not the best way to solve a problem, but th cliff is the result of not coming up with deals and they're not going to come up with battery deal, if it's negotiated it's nothe ideal way to solve it outfter deficit. we'd like t gradually raise taxes and cut spending, but this is the best we're going to get. any of the deals they would agree on, probably leave us to the other guest's pot, close to a trillion dollars anyway, and it's the closest shot lea
economy and brought an opportunity for everybody. the fact is, the deficit, is still too high. we are still investing too little in the things that we need for the economy to grow as fast as it should. that is why speaker boehner and i try to negotiate a larger agreement. that would put this country on a path to pay down its debt bank also putting americans back to work rebuilding roads and bridges and providing investment the dark areas like investment and job training. unfortunately, there was not enough support or time for that kind of large agreement in a lame duck session of congress. that failure comes with a cost. the mess in nature of the process of the past several weeks has made business more uncertain and consumers less confident. but we are continuing to chip away at this problem. step by step. last year, i signed into law $1.70 trillion in deficit reduction. tonight's agreement for the reduces the deficit by raising billions of dollars in revenue from the wealthiest households in america. there will be more dead as a reduction as congress decides what to do about the
with the deficit in the biggest way. but their only priority is making sure that tax breaks for the wealthiest americans are protected. at some point, i think what's important is that they listen to the american people. >> joining me now, congressman chris von holland of maryland. good evening. it is a good sign that chained cpi is off the table. the senate will be back tomorrow at 11:00. how high is your optimism or pessimism at this moment? >> well, it was a very bad sign when senator mcconnell put this social security change on the table, as part of a small deal, that was obviously something that could have totally thrown a monkey wrench into the process. so the fact that they backed off that is obviously good news. but as senator reid said, there are lots of obstacles still to go. and the fundamental issue remains what the president just said in that clip. both today and for the last year, the number one priority of republicans have been -- has been to use the middle class tax cuts as leverage to try and extract these super big tax breaks for very wealthy individuals, including now their f
also need to address the fundamental causes of our debts and deficits, and that's out of control spending. >> i think it's a little unreasonable for senator reid to say that something that they produced on new year's eve, produced by a bunch of sleep-deprived dock gentlem ed e should adopt within 24 hours. >>> the president tries to draw a line in the sign on the debt battles still to come. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >>> plus, hillary watch, just a short time ago, an suv carrying former president bill clinton left from an underground garage at a new york hospital where his wife, hillary, is still being treated for that blood clot in her head. good day, happy new year, i'm andrea mitchell live in washington. president obama arrived in washington today after a victory on the future of tax rates for all americans, but the fiscal cliff has set the stage for still future debt ceiling debacles to come. joining me now for our daily fix in the
that could send the entire world in chaos? >> it's the trillion dollar deficits the president is not serious about addressing and a senate that hasn't appropriation deuce a budget in three years. it's time to belly up to the bar and put something on the table. we did last night. i'm proud of our conference for what it did. it was a difficult thing. i'm particular lif proud of the speaker. but, again, we'll see whether or not the leader of the free world is willing to lead and we'll see whether or not his party is willing to follow when it comes to serious spending cuts and entitlement reform. that's the only way can you get fiscal stability. >> noted conservative columnist charles krauthammer said this. i want to play it. >> there are a lot of conservatives, republican caucus in the house, who hate the bill and for good reason. i mean, this is a complete surrender on everything. >> i think he speaks for some of your colleagues who view 8 4% of the bush tax cuts being saved for permanent lip as a complete concession. you know the thirst for cutting spending in your conference is just so -- it
economy and bought an opportunity for everybody. the fact is that the deficit is too high. we are still investing too little in the things that we need for the economy to grow as fast it should. we are trying to negotiate larger agreement. we are providing investments in areas like education and job training. unfortunately, there just wasn't enough support or time for that kind of larger agreement in a lame-duck session of congress. if the messy nature of the process. but we are continuing to chip away at the problems step-by-step. last year i signed into law a $1.7 trillion in deficit reduction there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i have demonstrated throughout the past several weeks, i am very open to compromise i believe that we have to find ways to reform the program. there is further spending that we can eliminate in government. but we can't simply cut away to prosperity. cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corp
to address social security, which is now officially running a deficit, medicare, medicaid costs are growing ast nomically. at least do a dumb deal now and get people over the fiscal cliff and kick the can down the road, that's going to happen anyway. >> steve, no deal, bad deal? i kind of feel like i'm playing poker. what do you think? >> i can't believe it, but i agree with jim. the most deficit reduction is going to come from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as some sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a fiscal bunny hill, let's slide down it. >> if we slide down, jonas, in the first week, people are going to open up the paycheck and see less money there. i don't think that people understand that at this point. >> people get used to tax cuts, that's the problem. short-term expiring tax cuts, including the payroll tax cut. you know, it's not the best way to solve a problem, but this cliff is the result of not coming
fiscal problems but it small step forward in our efforts to reduce the federal deficit following on the one trillion dollar did he have it? spending. both steps advance efforts to put our fiscal house in order neither done, nor -- one nor combination of the two come close to solving problems and loaders must have the courage to reform our tax code and entitlement program such that we put it on a downward path as a percent of the economy. washington missed this magic moment to do something big, recuse the deficit, reform our tax code and fiscal entitlement programs we've known over a year this fiscal cliff is coming. washington politicians set it up. forcing them selfs to deal with our nation's lng term fiscal problems. after taking the country to the brink of economic disaster, washington still could not forth a consensus. it's now more critical than ever that policy makers return to negotiations building on the terms of the agreement and spending cuts. these negotiations will need to make the far more difficult reforms bringing spending further under control and making our progr
deficit as a result of this. we also have something in the law which the presiding officer and i talked about for a moment, the alternative minimum tax. there was a time when they took a look at america and said how can this possibly be that some of the wealthiest people pay no taxes? so we established something called an alternative minimum tax which said even if under the regular tax code you escape all tax liability, you are going to be subject to the alternative minimum tax where you will pay something. well, it wasn't a bad idea 30 or 40 years ago when the debate started. but because we didn't index the income that was associated with it, over the years this alternative minimum tax hit not only the wealthy, but started hitting those middle-income categories. each year we had to kind of postpone the impact of this tax on middle-families, families in the $100,000 to $200,000 range. this has been vexing us for decades. this morning in the senate with the passage of this legislation we have dealt with the problem once and for all. we have a permanent fix on the alternative minimum tax.
of an overall deficit reduction package. if folks can't say yes to good offers, then i also have an obligation to the american people to make sure that the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> now, one of the questions in the days ahead will be whether or not this strategy back fired because republican leaders on the hill had their feathers ruffled by the fact that the president seemed to be blaming them. and speaker john boehner saying he should spend more time negotiating, why are you on tv while mitch mcconnell is working with harry reid to troy to get a deal. the president's point was if they do not make any progress on bipartisan talks in the senate since the clock is running out he wants a straight up and down vote on the senate on his fallback level. put it go in the $250,000 a year and extend unemployment benefits for 2 million americans americans americans, dana. >> this is bob beckel. are you done? >> i had a great question, but age before beauty. >> a lot of age and no beauty. >> what? >> ed, truth be known, and we see this fisca
in permanently so any effort to deal with the very large debt and deficit that we have going down the road here, revenue is pretty much off the table and we didn't get much. so those are my concerns. >> nobody felt like they got a great deal here, lynn. but moving forward does one side or the other have the upper hand? >> well, i think this goes in stages and since we have the looming debt ceiling in a few weeks, the upper hand ball is in the republican court right now, chris. the democrats had the advantage just now in the tax discussion because they didn't want to be tagged with getting the blame for most everyone's taxes rising. so it's situational sometimes. so next step is republican advantage. >> and because the cbo, i think, is with him on this, jim, they say this adds $4 trillion to the deficit. >> pretty aastonishing. there are some, you know, more conservative estimates of that. there's some folks who actually claim that things are slightly improved by this but that's based on a whole lot of assumptions. given what lynn just said, it will be interesting what happens in a couple months
. it was said this would add approximately $4 trillion to the deficit over the next nine years. that came out just about the time the republicans were meeting in a conference meeting earlier today. did that affect the view of the bill? >> it probably affected the view for some members. for those of us hanging around in the senate last night, on new year's eve, waiting for things to develop, we kind of saw that one coming. the score on this measure, while the tax was not available until really early this morning, was not a terrible surprise. a lot of these provisions floating around on capitol hill for many years, some of the provisions that increase the deficit are extensions of tax cuts or are one of the big- ticket items like getting rid of the need to catch the alternative tax. it was a tax not indexed for inflation when it was first enacted. a lot of these things are numbers everyone has always known. the $4 trillion is not a surprise. >> with roll-call, he has been very gracious to update us on what is happening in the house of representatives. i look forward to seeing you again on c-spa
in the broader effort to strengthen our economy and broaden opportunity for everybody. the fact is, the deficit is still too high. and we're still investing too little in the things that we need for the economy to grow as fast as it should. and that's why speaker boehner and i originally tried to negotiate a larger agreement that would put this country on a path to paying down its debt while also putting americans back to work rebuilding our roads and bridges and providing investments in areas like education and job training. unfortunately, there just wasn't enough support or time for that larger agreement in lame duck session of congress. and that failure comes with a cross. business is more uncertain and consumers less confident. but we are continuing to chip away at this problem step by step. last year i signed into law $1.7 trillion in deficit reduction. tonight's agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households in america, and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we
opportunity for everybody. the fact is that the deficit is still too high. and we are still investing too little and the things that we need for the economy to grow as fast as it should. and that's why speaker boehner and i originally tried to negotiate a larger agreement that would put this country on a path to paying down its debt while also putting americans back to work, rebuilding our roads and bridges, and providing investments in areas like education and job training. unfortunately there was not enough support or time for the large agreement in the laying duck session of congress. and that failure will come with a cost as the messy nature of the process over the past several weeks, they have made the business more uncertain and consumers less confident. but we are continuing to chip away at this problem, step by step. last year i signed into law about $1.7 trillion in the deficit reduction. it further reduces the deficit by raising $226 billion from the wealthiest households in america and there will be more deficit reduction as congress, they decide what to do with the automatic s
, the deficit is still too high. and we're still investing too little in the things that we need for the economy to grow as fast as it should. that tea w that's why speak eer boehner ani tried to put the country on a path to paying down its debt and putting americans back to work, and education and job training. unfortunately, there just wasn't enough support or time for that kind of large agreement in a lame-duck session of congress. and that failure comes with a cost. as the the messy nature of the process over the past several week has made business more uncertain and consumers less confident. but, we are continuing to chip away at this problem. step by step. last year i signed into law $1.7 trillion in deficit reduction. tonight's agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households in america. and there will be more deficit reduction as congress decide to what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks. i am very open to
the deficit to 12-7. third quarter, same score. syracuse's pass deflected and right into the hands of becket rails. the teamwork to a touchdown and back in front by 12. later, prince tyson gullo the carry and kicks it outside. nobody, i mean nobody's going to catch him. 67 yards for the td and finishes with 215 rushing yards. wing it 38-14. >>> tomorrow is a meaningful sunday of football for many teams. some vying for homefield advantage, some a higher seed and some just a spot in the post season. 10612 play-off spots were clenched, including all six in the afc and that means two spots are up for grabs. will the redskins get one of those? this guy hopes so. robert griffin 3, his athletic age allowed the redskins to open up their offense and a threat with the legs, rushing for over 700 yards and six touchdowns and he has a canon of an arm. twenty touchdown passes, just five interceptions and griffin was also huge in the big every game this season with four touchdowns and back-to-back games, including on turkey day. the big save, of course, nothing new for the heisman trophy winner turned nfl
investors were excited about lower deficits. no again. deficits continued to climb to 8 trillion of the decade. the estimated deficit reduction, just 650 billion. and oh, by the way, contrary to what you heard, the middle class gets socked with a tax hike. you earn 50,000, get ready to pay an additional thousands of assam. here with details, scott hodge, president of the tax foundation. thank you for coming in. let's get into the details of this behemoths, a huge bill, starting with the average tax increases that people are going to face here. if you're making 50,000, 75,000, as i said, 822 will be your increased tax, what you will owe, and it just keeps going. >> well, that's exactly right. that, the tax increases in the middle class will come from the exploration of the temporary reduction in apparel tax which was reduced, as you know, 2 percent. that goes away, and so our payroll taxes will go up. the average taxpayer will see an increase of the thousand dollars gerri: is circles within circles. we talk about the bush income taxes expiring. you're not talking about the payroll
to reduce the deficit. one trillion dollars in spending cuts over the next 10 years but these changes would result in more savings in the next 10 years and would solve our deficit problems for a decade. they say their biggest priority is dealing with the deficit. they are behaving and protecting the tax breaks for the wealthiest americans. that seems to be their overriding theme. host: a new development yesterday, the vice president joe biden was called in by mitch mcconnell, who said he needed a dance partner in all of this. guest: if you remember on friday, the president said he was going to turn over the lead to senator reid and senator mcconnell to work out a deal that could pass the senate and that he would sign on to whatever deal that was. senator reid and senator mcconnell were not able to reach that deal. the negotiations between them have turned increasingly bitter and senator mcconnell basically said that he could not work with senator read anymore and reached out to joe biden and ask him to resume the role that he has had in previous negotiations. the arbiter, the deal maker. jo
and services among consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate economies by means of common currency. this is not the first time these if things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are
, maybe directly to deficit reduction, but i think it would be a nice incentive. host: we should note that while the house is coming in at noon and it could vote as early as 1:00 p.m. today, the senator did not get -- the senate did not go home after building this -- voting earlier this morning. harry reid said the senate will be coming in at 2:00 p.m. eastern time today. what is going on? guest: i do not know. i had not thought about that. usually, when these sneaky deals come together, usually you do not have worst trading in the -- horsetrading in the house that would require it to come back to the senate. i would be surprised if that happened, partly because however much speaker boehner might not like the bill, and his caucus might not like the bill, i think it is so painful and awful that they would rather just have votes on the things. if it failed, that would be interesting. i do not think it will. the size of the vote in the senate this morning, and the fact that republicans would not even go along with a much better deal for them, i just did not see how they come up with some
in the broader effort to strengthen our economy. and the fact is that the deficit is still too high. we are still investing too little in the things we need for the economy to grow as fast as it should. that is why john boehner and i try to negotiate a larger our agreement to put this country on a path to pay its debt. and also to put people back to work with building roads, bridges. but unfortunately, there was just not enough support or time for that type of larger agreement. that failure comes with a cost. with the messy nature over the last several weeks as meek business on certain. and consumers less confident. but we are continuing to chip away, step by step. last year i sent it signed into 1.7 trillion dollars into overseas production. tonight will for early further reduce the deficit with $620 million in revenue for the wealthiest americans and will be more deficit-reduction as congress decides what to do what the automatic spending cuts. that now, will be delayed for the next two months. let me make this point. as i demonstrated for the past several weeks i'm very open to confidence. and
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